$1,203 million for a bungalow in North Leaside

Jethro SeymourFebruary 1, 2015

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The sale of bungalows started early last year at $580,000 for a 25-foot by 100-foot lot in South Leaside on Sutherland at Eglinton.

Then there was a December sale, a North Leaside bungalow, for a whopping $1,203,000, or 35 percent above the asking price. That is $106,000 more than a 31.5-foot by 135-foot bungalow a few doors down the street last June.

That works out to about $35,000 per foot of frontage, or $120,000 for the 3.5-foot difference between the two homes.

That is a strong indicator that builders are bullish on Leaside for 2015. Expect to see some spectacular new homes in our neighbourhood for sale this year.

Apart from that big bungalow sale December was its usual quiet month. Only four homes changed hands in Leaside and Bennington Heights. That was up from the two that sold the previous December, but 63 percent less than the 11 that sold in November 2014.

But prices seemed to have little do with the amount of activity. Average dollar value in December 2014 was 84 percent higher than in the previous December. All were detached homes last December.

Last year’s average year-end sales compared to 2013:

SALES VOLUME

All homes – up 13.5 percent to 235 sales,

Detached homes – up 25.8 percent to 190 sales,

Semi-detached homes – down 25.5 percent, to 38 sales.

DOLLAR VALUE

All homes – up 7.4 percent to $1,343,591,

Detached homes – up 1.3 percent to $1,452,246,

Semi-detached homes – up 10.4 percent to $827,245.

Jethro Seymour is a broker at Johnston & Daniel. All figures are from the Toronto Real Estate Board’s Multiple Listing Service.